Philadelphia Fed President Patrick Harker told CNBC today, “I’d like to see us get to, say, above 3.4% – that was the last median in the SEP (Summary of Economic Projections) – and then maybe sit for a while.”
“But if the data says we need to keep increasing, we keep increasing. We’ve got to get inflation under control. That is Job One,” he added.
As for September meet, “whether it’s 50 or 75 I can’t say right now,” he said. But he noted that a 50bps hike is still a “substantial” one.
